CBA: Azerbaijani banks attract $550 mln from Russia

Business Materials 24 June 2014 18:31 (UTC +04:00)

Gabala, Azerbaijan, June 24

By Zulfiyya Gurbanova and Emin Aliyev - Trend:

Today, the funds attracted by Azerbaijani banks from Russia stand at $550 mln, and some $300 mln out of this accounts for two Russian banks in the country - VTB and Nikoil, Azerbaijani Central Bank (CBA) Director General, Rashad Orujov said on June 24.

Orujov made the remarks at a roundtable meeting titled 'Development of inter-bank cooperation between Russia and Azerbaijan' as part of the 5th Azerbaijani-Russian interregional cooperation forum, held in the city of Gabala.

"The Russian capital is represented in Azerbaijan by the banks VTB (Azerbaijan) and Nikoil, and an office of the Russian Agricultural Bank, operating since 2010," Orujov said.

"Moreover, the subsidiary of the International Bank of Azerbaijan, IBA-MOSCOW is successfully operating in the Russian market. A representative office of Muganbank was also opened in Moscow in 2012. I believe there is much room to develop. Some 35 of 43 banks have correspondent relations with colleagues in the Russian Federation."

He went on to add that Azerbaijani banks are actively working with such Russian money transfer systems as Contact, The Golden Crown, Migom and others.

"About $300 million have been transferred from Azerbaijan to Russia, and about $1 billion - in the opposite direction," Orujov added.

Edited by CN